Core Viewpoint - The announcement by the Traders Association regarding the optimization of the merger note mechanism aims to enhance the efficiency of the interbank bond market in supporting real economy through mergers and acquisitions [1] Group 1: Funding Flexibility - The optimized merger notes will enhance the flexibility of fund usage, prioritizing support for key sector mergers [1] - Funds raised can be directly used for paying acquisition prices and repaying acquisition loans, and can also replace self-owned funds spent on acquisitions in the past year [1] - The support scope for mergers will be broadened, focusing on traditional advantageous industries' transformation, strategic emerging industries' development, and future industry layout [1] Group 2: Information Disclosure Mechanism - The information disclosure mechanism will be optimized to meet the needs of merger activities [1] - Ongoing merger projects may simplify or exempt sensitive information disclosure during the issuance phase to meet commercial confidentiality requirements [1] - For completed projects, disclosures will include the impact of mergers and synergy effects, while intermediary institutions' responsibilities will be reinforced [1] Group 3: Issuance Convenience and Mechanism Innovation - The merger notes will have separate naming and identification to highlight their merger attributes [1] - A "green channel" for registration and issuance of merger notes will be established, allowing for immediate evaluation and dedicated support to improve issuance efficiency [1] - Companies will be encouraged to set flexible structures, such as conversion and installment repayment, and to include protective clauses to enhance investor recognition and market vitality [1] Group 4: Future Directions - The Traders Association will continue to explore the optimization of merger note mechanisms under the guidance of the People's Bank, aiming to broaden financing channels for mergers and acquisitions [1] - The initiative seeks to stimulate participation from various entities in the merger market, contributing to the construction of a new development pattern and promoting high-quality economic development [1]

"综合监督检查是持续提升中国银行纪检工作规范化法治化正规化建设水平的重要举措，自派驻改革以 来通过三轮现场检查，目前已实现一级纪检机构全覆盖。"驻中国银行纪检监察组有关负责同志介绍。 作为检验"三化"建设年行动成果的重要抓手，此次"回头看"通过调阅资料、与条线干部员工座谈访谈、 数据分析、实地查看等多种方式，对被检查机构2025年综合监督检查反馈问题整改情况进行全面重检。 同时，聚焦问题整改实际成效，调研了解相关工作推进情况，以整改促进各方面工作的提升，推动纪检 工作高质量发展。 "总体看，被检查机构对今年综合监督检查反馈问题整改工作高度重视，结合自身情况，制定并落实整 改措施，推动问题应改尽改、彻底整改。"驻中国银行纪检监察组有关负责同志说。例如，针对执纪不 规范问题，江西省分行纪委通过抽调二级机构纪检干部参与提级审理的实战模式，发挥"审理一案、指 导一片"的示范作用；吉林省分行纪委将纪法教育培训作为整改核心抓手，采取"请进来、走出去、上讲 台、下基层"组合举措，持续提升纪检和巡察干部能力。 中央纪委国家监委网站 吕佳蓉 前不久，中央纪委国家监委驻中国银行纪检监察组成立检查组，对四川省分行、江西省分行、青岛 ...

Monthly Performance - The banking sector increased by 2.99% from November 1 to November 28, 2025, outperforming the CSI 300 index by 5.4 percentage points, ranking second among 31 Shenwan first-level industries [1][6] - Institutional investors increased their holdings in bank stocks due to a stable improvement in fundamentals, shareholder buybacks, and expectations of valuation recovery [1][6] Valuation Trends - State-owned banks saw a significant increase in valuation, with their PB ratio rising from approximately 0.76X at the beginning of the month to 0.78X by the end, while the PB ratios for joint-stock banks and city commercial banks remained stable at 0.67X and 0.60X, respectively [1][9] - As of November 28, the overall PE ratio for the banking sector was 6.53 times, with a historical percentile of 56.18%, and the PB ratio was 0.56 times, with a historical percentile of 32.25% [21] Individual Bank Performance - Notable gainers included Bank of China (8.20%), China Everbright Bank (8.08%), China Construction Bank (5.81%), and Nanjing Bank (5.13%), while Qingdao Bank and rural commercial banks experienced significant declines [1][12] - The performance of banks with improved earnings and mid-term dividend payouts led to notable increases in their stock prices [1][12] Market Environment - The 10-year government bond yield rose from around 1.80% in early November to 1.84% by the end of the month, while the 1-year bond yield remained stable at approximately 1.40% [16] - The trading volume in the banking sector increased by 13.07% year-on-year, accounting for 1.65% of the total trading volume in the AB share market, although it decreased by 0.18 percentage points compared to the previous month [19] Social Financing and Credit Trends - In October, the social financing growth rate fell to 8.5%, with new social financing of 816.1 billion yuan, a year-on-year decrease of 5.959 billion yuan [25] - The decline in credit supply was attributed to a shift in government bond issuance timing and a decrease in demand for consumer loans [25]

Core Viewpoint - China Bank reported that as of September 30, 2025, the total number of ordinary shareholders is 678,883, which includes 519,660 A-share shareholders and 159,223 H-share shareholders [1] Summary by Category - **Shareholder Composition** - Total ordinary shareholders: 678,883 - A-share shareholders: 519,660 - H-share shareholders: 159,223 [1]

Core Viewpoint - China Resources Pharmaceutical (03320.HK) announced that its non-wholly owned subsidiary, China Resources Pharmaceutical Commercial Group Co., Ltd. ("China Resources Commercial"), has received a registration acceptance notice from the National Association of Financial Market Institutional Investors regarding the proposed issuance of medium-term notes in the People's Republic of China [1] Group 1 - The notice is valid for two years from the date of issuance, allowing China Resources Commercial to issue medium-term notes totaling RMB 3 billion in installments during this period [1] - The expected proceeds from the proposed issuance will be used to repay interest-bearing debts of China Resources Commercial or its subsidiaries [1]

Core Insights - The "2025 China Banking Competitiveness Report" was released at the 21st Century Financial Annual Conference, highlighting the competitive landscape of the banking sector in China [1] - A total of 16 banks from Zhejiang province made it to the "Top 100 Competitiveness Rankings of Chinese Banks" [1] Rankings Overview - The rankings include 6 state-owned banks, 12 national joint-stock banks, 53 city commercial banks, 27 rural commercial banks, and 2 private banks, with 5 foreign banks also making the list [2][4] - The top three banks are Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China, with total assets of 488.22 billion, 405.71 billion, and 532.38 billion respectively [2] Evaluation Framework - The evaluation framework consists of four categories: scale, profitability, stability, and growth, based on objective data from the 2024 annual reports [4] - Sub-rankings for scale, profitability, and growth provide a more detailed view of different types of banks' performances [4] Regional Insights - Zhejiang province's banks, such as Zhejiang Commercial Bank, ranked 26th, while Zhejiang Internet Bank and WeBank were the only two private banks to make the list, ranking 15th and 16th respectively [4][5] - City commercial banks from Zhejiang, including Ningbo Bank and Hangzhou Bank, ranked 19th and 25th, respectively, indicating a strong regional presence [5] Development Trends - The asset scale of China's banking industry continues to expand, with state-owned banks showing significant scale advantages, while smaller banks adopt differentiated growth strategies [6] - Profitability indicators show a widening gap, with larger banks benefiting from scale effects, while smaller banks face challenges due to factors like reduced loan prime rates [6] - Growth indicators reflect the potential for banks, focusing on core tier one capital adequacy, cost-to-income ratios, revenue growth, and technology investment [6]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀行股份有限公司(「本公司」) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03988 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 2. ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03988 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 83,622,276,395 | RMB | | 1 RMB | | 83,622,276,395 | | 2. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 (註1) | | 否 | | | --- | ...

Summary of Key Points from the Conference Call on China Banks Industry Overview - **Sector**: China Banking Sector - **Market Context**: The China banking sector is viewed as a defensive anchor amid market volatilities in 2026, supported by global monetary easing and steady economic growth in China. The MSCI China index is trading at an above-average P/E of approximately 13x, indicating potential for increased market volatility [1][22]. Core Insights and Arguments - **Investment Outlook**: Equity investors remain positive about the China market in 2026, with banks being a key component of investors' portfolios due to their large index weighting (~11%) and strong earnings visibility. ICBC-H and CCB-H are highlighted as top defensive picks [1][22]. - **Performance Metrics**: China banks have rallied nearly 25% in 2025 YTD, recovering from lows in January 2024. However, P/B valuation remains at the low end of historical ranges (0.5-0.8x), while P/E (6.2x) and P/PPOP (3.5x) are near the highest levels since 2012 [2][22]. - **Profit Growth Forecast**: Net profit growth for major listed banks is expected to remain low-single-digit on average for FY25-26E, with net interest margins stabilizing but facing potential downside from policy rate cuts. Loan growth has slowed from 7.0% YoY in 2024 to 6.2% in October 2025 [3][8]. - **Dividend Yield**: The average dividend yield for banks is currently at 5.1%, which is among the lowest levels, but is expected to be a significant component of total returns for H-share investors [2][22]. Additional Important Insights - **Credit Growth Dynamics**: Credit growth is increasingly supported by government borrowing, with government bonds accounting for 45% of new credits in the first ten months of 2025, up from 28% in 2021. This trend indicates a reliance on government financing amid subdued credit demand from households and private sectors [28][40]. - **Asset Quality Management**: The banking sector's NPL ratio has edged up to 1.52%, with a focus on managing retail risks. Major banks are expected to maintain stable credit quality, while smaller regional banks may face more challenges [60][70]. - **Relative Value Preferences**: The analysis suggests a preference for ICBC over CCB due to its consistent recovery in core earnings and better performance metrics. Similarly, BoComm is preferred over PSBC for its stronger asset quality and higher expected dividend yield [72][77][81]. Conclusion The China banking sector is positioned as a defensive investment with potential upside, driven by government support and a focus on stable earnings. However, challenges such as low profit growth and asset quality pressures remain critical considerations for investors.

Group 1 - The core viewpoint of the articles highlights the collaboration between the Bank of China and the China Council for the Promotion of International Trade, aiming to enhance foreign trade financial services and contribute to high-level opening-up and win-win cooperation [1][2] Group 2 - The Bank of China is committed to implementing the spirit of the 20th National Congress of the Communist Party of China, focusing on practical measures and superior services to strengthen its role as a main channel for foreign trade financial services [1] - The cooperation agreement signed will leverage the advantages of domestic and international resource platforms to enhance multi-level and comprehensive connections, supporting national diplomatic and economic strategies [1] - The China Council for the Promotion of International Trade aims to expand its service network for enterprises and enhance international relationships, focusing on high-quality development and an open world economy [2] - Future collaboration will focus on promoting trade and investment, supporting APEC activities, and organizing major exhibitions and forums to deepen cooperation and achieve mutual benefits [2]